SCOR Turns Down Acquisition Offer by Covéa
According to Covéa, Scor has turned down its acquisition proposal (at a price of €43 per share, 8.3b euro total) sent on August 24, 2018.
The Covéa Group is one of the leading French insurers, with 11.5m members and customers, approximately €16b in premiums and €24b of eligible capital under Solvency 2. It operates in France notably via the GMF, MAAF brands and MMA and occupies the first place in personal damage insurance and second place in non-life insurance companies. It generates more than 10% of its turnover internationally, particularly in Italy, the UK and the US. Last, it is a first shareholder of Scor.
“Covéa takes note of this decision of the Board of Directors of Scor which leads, in the state the situation, the withdrawal of its offer project. Covéa nevertheless reaffirms its interest in a friendly operation with Scor.”